CEBA Application Now Open!

The following information is about the original CEBA program. For the expanded program that includes businesses with a 2019 payroll below $20,000 –  CEBA 3.0 program please click here.

CEBA Program

VantageOne Credit Union is committed to supporting our business members through this difficult time. We are pleased to announce that we are now accepting applications for the federal government’s Canada Emergency Business Account (CEBA).

The Canada Emergency Business Account program is designed to help cover operating costs for businesses, during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.

About the program:

  • The program provides $40,000 in loans that are interest-free up until December 31, 2022. The loan will remain interest-free until December 31, 2022.
  • No minimum monthly principal payments are required until December 31, 2022.
  • Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
  • If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 percent interest.

Program eligibility:

  • Must have an existing, active business account at VantageOne Credit Union prior to March 1, 2020. VantageOneCredit Union must be your primary financial institution.
  • Business account must be in good standing and not in arrears on existing borrowing products as of March 1, 2020.
  • Must be a Canadian operating business in operation before March 1, 2020.
  • Must have a federal tax registration.
  • Must have a 15-digit Canada Revenue Agency Business Number (BN), as reported at the top of your 2019 T4 summary of Remuneration Paid (T4SUM).
  • Total employment income paid in the 2019 calendar year must be between $20,000 and $1,500,000, as reported in Box 14 of your 2019 T4SUM.
  • You must not have applied for CEBA at another financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
  • Must not be a union, charitable, religious or fraternal organization. If it is an entity owned by such an organization, it must be a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services.
  • Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.
  • The Borrower must also agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

​​​​​My business requires the consent of more than one signatory to commit to an action. Can I still apply?

  • Yes, please ensure that only the authorized signer of your VantageOne business account applies. We cannot accept multiple applications from the same business account.
  • Two to sign accounts will require a director’s resolution.

If I have multiple businesses, can I enroll each business in the CEBA program?  

  • Yes. Each business entity that you have may enroll for the CEBA, however, each business must individually meet the eligibility criteria and operate as a separate active business. Holding companies are not eligible. 

​​​​How can my business use these funds?

  • Per requirements of the program, as set out by the federal government, funds from the loan must be used to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.

    Preparing to apply

    We are now accepting applications. You can get ready by:

    1.) Review the criteria above to determine if your business is eligible.

    You can also review the Government of Canada’s CEBA site at for more details.

           2.) Locate the documents you will require to apply:

  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
  • The employment income reported in Box 14 of your 2019 T4SUM
  • A copy of your 2019 T4 Summary of Remuneration Paid may be requested. You can contact the Canada Revenue Agency to have them re-issue your 2019 statement if needed.

How to apply (Desktop Computer Only)

We are accepting applications through Business Online Banking.

  1. Login to Business Online Banking
  2. Click on account services (left side navigation)
  3. Click on Apply for the Canada Emergency Business Account
  4. Complete the Form and SubmitWhat to expect after submitting an application:
    The entire process from application to processing to funding can take between 5 to 10 business days. Qualifying applications will be required to electronically sign loan documentation and attestation


The Commercial Services Team
1.250.545.9251 or 1.877.545.1957